Oriole Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,028,000 on March 1, $1,308,000 on June 1 , and $3,091,450 on December 31. Oriole Company borrowed \$1,082,890 on March 1 on a 5-year, 13\% note to help finance construction of the building. In addition, the company had outstanding all year a 10\%, 5year, \$2,243,100 note payable and an 11\%, 4-year, \$3,364,500 note payable. Compute the weighted-average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, e.g. 7.58\%.) Weighted-average interest rate %